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Donegal Investment Group Plc Result of Extraordinary General Meeting
Donegal Investment Group Plc (“Donegal” or the “Company”) is pleased to announce that the resolution to approve the sale of IPM Potato Group Limited (“IPM”) proposed at today's extraordinary general meeting was passed.
The Company will now move forward and complete the sale of the entire issued share capital of IPM to Royal HZPC Group (“HZPC”) in accordance with the terms of the Share Purchase Agreement signed by both parties.
As noted in the Circular, completion of the Disposal will result in a fundamental change of business for Donegal, which will become a cash shell under the Euronext Growth Rules and require a qualifying acquisition within 12 months to avoid suspension and potential cancellation of trading.
The Board continues to expect that a substantial proportion of the proceeds will be returned to shareholders, as previously indicated.
Donegal Investment Group plc
Padraic Lenehan, Director Tel: +353 74 912 1766
Davy Corporate Finance
Anthony Farrell Tel: +353 1 679 6363